Shares of Freeport-McMoran (FCX) Rally 17.05%

Freeport-McMoran (FCX) : Traders are bullish on Freeport-McMoran (FCX) as it has outperformed the S&P 500 by a wide margin of 12.76% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 15.33%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 17.05% in the last 1 week, and is up 17.68% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock. The stock has recorded a 20-day Moving Average of 15.64% and the 50-Day Moving Average is 17.35%.

Freeport-McMoran (NYSE:FCX): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $13.03 and $12.91 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $13.25. The buying momentum continued till the end and the stock did not give up its gains. It closed at $13.11, notching a gain of 1.24% for the day. The total traded volume was 24,296,523 . The stock had closed at $12.95 on the previous day.


The company Insiders own 1.4% of Freeport-McMoran shares according to the proxy statements. Institutional Investors own 68.37% of Freeport-McMoran shares. In a related news, The Securities and Exchange Commission has divulged in a Form 4 filing that the (Vice Chairman of the Board) of Freeport-Mcmoran Inc, Flores James C had purchased shares worth of $21,340,000 in a transaction dated on September 4, 2015. A total of 2,200,000 shares were purchased at a price of $9.7 per share. The information is based on open market trades at the market prices.Option exercises are not covered.

Freeport-McMoRan Inc. (FCX) is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. FCX has organized its operations into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States oil and gas operations. The Companys portfolio of assets includes the Grasberg minerals district in Indonesia, mining operations in North and South America, the Tenke Fungurume (Tenke) minerals district in the Democratic Republic of Congo (DRC) in Africa, and oil and natural gas assets in North America. The Company is also engaged in operating copper conversion facilities located in North America, and a refinery, three rod mills and a specialty copper products facility. The Companys Atlantic Copper smelts and refines copper concentrates and markets refined copper and precious metals in slimes.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Pre-Market Alerts!

Get Pre-Market Analysts' Upgrades, Downgrades, Earnings & Initiations with our FREE daily email newsletter.